Confused about the lighting network? Layman terms

in #bitcoin6 years ago (edited)

You heard from core the lighting network will scale bitcoin. But you do not get what it does. You're probably confused how your transaction will get cheaper and how it gets confirmed offchain. And why lighting network need segwit
The Lightning network in theory can do a billion transaction a minute. But what the fuss about segwit. Why do we need segwit just use the lighting network right?
Think of segwit as just a gift wrap of Lighting network. Segwit secures the lightning networks(aka makes off chain transaction not lost).
Now think of the lighting network as we'll be paying for new accounts(aka lighting channels which are able to do a billion a second once fully completed)instead of paying per transaction.
How does it make transaction fee free. Lets pretend there are 5 nodes.
1 node say they charge a 0.001 fee
2nd node say 0.0009
3rd nodes says 0.008
4th says .00001
5th says you know what fuck it i hate fees so much i will run a node by myself;donate if you want to help me but i using the lightning channel for myself and help other as a side bonus. ) send bitcoins for free
And that is how you get free free transcations yeah :)

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